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題名：自由現金流量理論再檢視：由資本支出目的現金增資與員工股票選擇權探討
作者：蔡佩珊
作者(外文)：Pei-Shan Tsai
校院名稱：逢甲大學
系所名稱：商學研究所
指導教授：林問一
學位類別：博士
出版日期：2010
主題關鍵詞：Investment performance；Employee stock options；Operating performance；Seasoned equity offerings；Capital expenditure；Free cash flow
原始連結：連回原系統網址new window
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The main objective of this thesis is to use two topics of seasoned equity offerings (SEOs) with capital expenditure purpose and employee stock options (ESOs) to inspect Jensen’s (1986) free cash flow theory. That it, we would examine whether the free cash flow could be used to explain the long-term performance of SEO-issuing companies for the purpose of capital expenditure and ESO-issuing companies. The empirical results show that when a company utilizes SEOs to finance capital expenditure, its long-term operating performance does not deteriorate, which means that the long-term performance effect of capital expenditure will neutralize the long-term performance effect of SEOs; whereas when a company offers ESOs, its long-term investment performance degenerates. Moreover, a company that has high free cash flow prior to SEO issuance in capital expenditure or ESO issuance would tend to have poor long-term performance after issuing SEOs for the purpose of capital expenditure or ESOs. The results of the thesis verify the free cash flow theory introduced by Jensen (1986).
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